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Definitions

ADMINISTRATIVE USER – Affiliated Administrative and clerical staff who provide support to Participants and Subscribers

ASSESSOR USER – City or county real estate assessors for localities within the jurisdiction of CVR MLS

COMING SOON STATUS– Coming Soon status indicates that the agent and the seller are preparing the property for sale, but it is not ready for full marketing and showing. Listings in Coming Soon status may not be shown until the home becomes an Active listing. While under the Coming Soon listing status, listings are displayed only on Matrix to Commonwealth MLS Cooperative Participants and Subscribers. Listings under this status are not included in IDX or RETS feeds and may not be advertised on broker, agent, public or syndication websites or other media. Listings under this status may not be shown and may remain under Coming Soon Status for a period of 21 days or less. A Listing Agreement and Pre-Marketing Addendum ratified by the property owner is required for all Listings entered under Coming Soon Status.

Commonwealth MLS Cooperative – An agreement entered into by the Central VA Regional MLS (CVR MLS), Williamsburg MLS (WMLS) and Chesapeake Bay and Rivers Property Services, Inc (CBAR PS) to provide the authorized users of these three MLS’s access to a combined multiple listing database and a blanket, unilateral offer of compensation and cooperation. Rev 3/16.

CVR MLS – Central Virginia Regional Multiple Listing Service, LLC.

CVR MLS COMMITTEE – a committee of Participants and Subscribers appointed by the President of CVR MLS and approved by the CVR MLS Board of Directors. The role of the CVR MLS Committee is to ensure quality service to Participants and Subscribers and advise on the operations of CVR MLS and its Rules and Regulations.

CVR MLS COMPLIANCE COMMITTEE – The CVR MLS Compliance Committee is comprised of the fifteen (15) members of the Richmond Association of REALTORS® Grievance Committee and three (3) appointed members of the Southside Virginia Association of REALTORS® Grievance Committee. These members serve for staggered three year terms which shall run concurrent with their respective Grievance Committee service terms. The CVR MLS Compliance Committee will interpret the Rules and Regulations of CVR MLS, oversee their enforcement and when necessary, conduct review hearings for contested fines and/or violations.

DUAL OR VARIABLE RATE COMPENSATION ARRANGEMENTS – A dual or variable rate commission arrangement is one in which the Seller agrees to pay a specified commission if the property is sold/leased by the Listing Participant without assistance and a different commission if the sale/lease results through the efforts of a cooperating Participant or one in which the Seller agrees to pay a specified commission if the property is sold/leased by the Listing Participant either with or without the assistance of a cooperating Participant and a different commission if the sale /lease results through the efforts of a Seller.

EXCLUSIVE AGENCY LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the legally recognized agency or non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the Seller, the Seller is not obligated to pay a commission to the Listing Participant.

EXCLUSIVE RIGHT TO SELL LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the legally recognized agency or non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant, regardless of whether the property is sold through the efforts of the Listing Participant, the Seller, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant regardless of whether the property is sold through the efforts of the Listing Participant, the Seller, or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Participant.

EXCLUSIVE AUTHORIZATION TO LEASE LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant, regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller and the Seller agrees to pay a commission to the Listing Participant regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Participant.

INTERNET DATA EXCHANGE (IDX) – A means by which each Participant may permit the display of its firm’s Listings to appear on other IDX Participants’ Internet displays.

INTERNET DATA EXCHANGE DATABASE or IDX DATABASE- The current aggregate compilation of the Listings of all IDX Participants with the exception of those Listings in which a Seller has opted out of Internet publication.

.LIMITED SERVICE LISTING – Exclusive Agency Listings or Exclusive Right to Sell Listing under which the Listing Participant will not provide one, or more, of the following services:

Conducting marketing activities on behalf of the Seller in accordance with the brokerage agreement. In so doing, the Participant shall seek a sale at the price and terms agreed upon in the brokerage relationship or a price and terms acceptable to the seller; however, the Participant shall not be obligated to seek additional offers to purchase the property while the property is subject to a contract sale, unless agreed to as part of the brokerage relationship or as the contract of sale so provides

Assisting in the drafting and negotiating of offers and counteroffers, amendments and addenda to the real estate contract pursuant to §54.1-2101.1 of the Code of Virginia and in establishing strategies for accomplishing the Seller’s objectives

Receiving and presenting in a timely manner written offers and counter offers to and from the Seller and purchasers, even when the property is already subject to a contract of sale

Providing reasonable assistance to the seller to satisfy the Seller’s contract obligations and to facilitate settlement of the purchase contract.

LISTING AGREEMENT – an enforceable, written and fully executed agreement for an Exclusive Right to Sell Listing or Exclusive Agency Listing between a Listing Participant and Seller whereby the Seller employs the Participant to market and sell the subject property and the Seller agrees to pay compensation for service provided. The Listing agreement for properties submitted to CVR MLS must contain an offer of compensation to a cooperating Participant and the copyright authorizations required under these Rules and Regulations and the Seller’s authorization regarding internet and address display and limitations if any regarding Automated Valuation Models (AVM) and the posting of comments about the property. See Appendix A of these Rules and Regulations

LISTING CONTENT (LISTING) -“Listing content” as used in the National Association of REALTORS® multiple listing policies, including the model MLS rules and regulations, includes, but is not limited to, photographs, images, graphics, audio and video recordings, virtual tours, drawings, descriptions, remarks narratives, pricing information and other details or information related to listing property.

MULTIPLE LISTING SERVICE (MLS) – the multiple listing service owned and operated by CVR MLS.

MLS DATABASE – The database maintained by CVR MLS that contains real estate Listings in the following categories: active, pending sold, for rent, for lease, leased, lease-purchase, withdrawn and released Listing data, as such database is modified from time to time by CVR MLS. The term MLS Database, as used in these Rules and Regulations, shall be construed to include any format in which Listing data is collected and disseminated.
PARTICIPANT – Any REALTOR® member of the Richmond Association of REALTORS®, Inc., the Southside Virginia Association of REALTORS® or any other association who is a principal, partner, corporate officer or branch manager acting on behalf of a principal, without further qualification, except as otherwise stipulated herein, shall be eligible to participate in the MLS upon agreeing in writing to conform to the CVR MLS rules and regulations thereof and to pay costs incidental thereto. However, under no circumstances is any individual or firm, regardless of membership status, entitled to Multiple Listing Service “membership” or “participation” unless they hold a current, valid real estate broker’s license and offer or accept compensation to and from other Participants or are licensed or certified by an appropriate state regulatory agency to engage in the appraisal of real property. Use of information developed by or published by the MLS is strictly limited to the activities authorized under a Participant’s licensure(s) or certification and unauthorized uses are prohibited. Further, none of the foregoing is intended to convey “participation” or “membership” or any right of access to information developed by or published by the MLS where access to such information is prohibited by applicable law. Any person who qualifies for participation in the MLS shall be a Participant. Participant may also be referred to as Broker Participant.

PENDING WITH CONTINGENCIES – This listing status indicates that a purchaser offer with one or more contingencies has been accepted by the Seller but the Seller is willing to consider back up offers. Rev 4/17

PRE-CONSTRUCTION/ TO BE BUILT LISTING: The listing is for a specific lot with a specific structure that could be built for a specific list price, however, construction has not begun. Rev 4/17

PROPERTY MANAGEMENT AND EXCLUSIVE RENTAL AGREEMENT – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant, regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller and the Seller agrees to pay a commission to the Listing Participant regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Participant.

SELLER – Property Owner(s) and/or Lessor(s)/ Landlord(s)

Service Provider Company – A licensed, Quality Pro certified pest control company that has completed an application of for service provider Limited access e-key service and paid the applicable annual fee. Rev 3/16

Service Provider User – Pest control Inspectors, who hold a valid license with the VA Department of Agriculture and are affiliated with a CVR MLS Service Provider Company. Rev. 3/16

SHORT SALE – a transaction in which title transfers, where the sale price is insufficient to pay the total of all liens and costs of sale and where the Seller does not bring sufficient liquid assets to the closing to cure all deficiencies

STRUCTURED COMPENSATION – Compensation in the MLS must be expressed as a percentage of the gross sales price or a flat fee. Tiered or structured compensation is allowed. (Example: compensation shall be x% of the first $100,000 of the sales price and y% of the balance of the gross sales price). The terms of such structured compensation should be entered in the Structured Compensation Terms field.
SUBSCRIBER – Non-principal (Associate) brokers and real estate sales licensees who possess a valid real estate license, are affiliated with an MLS Participant and have subscribed to the MLS. Subscriber may also be referred to as Agent Subscriber. See Section 3.2.